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Comparing inter-firm labor mobility in the music industry and manufacturing industries

Frederiksen, Lars; Sedita, Silvia Rita(Frederiksberg, 2005)

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This paper adds new knowledge to the phenomenon of transferring embodied knowledge through
labor mobility by means of a comparative study of the entertainment and manufacturing industries.
Explorative in nature, the paper takes advantage of unique data on the Danish labor market (i.e.
IDA) to investigate labor mobility patterns for the two selected industries and to detect internal
differences within industry segments and regarding creative intensive and invention activities in
particular. We use the music industry as a proxy for the entertainment industries.

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The “knowledge governance approach” is characterized as a distinctive, emerging approach that cuts across the fields of knowledge management, organisation studies, strategy, and human resource management. Knowledge governance is taken up with how the deployment of governance mechanisms influences knowledge processes, such as sharing, retaining and creating knowledge. It insists on clear micro (behavioural) foundations, adopts an economizing perspective, and examines the links between knowledge-based units of analysis with diverse characteristics and governance mechanisms with diverse capabilities of handling these transactions. Research issues that the knowledge governance approach illuminates are sketched.

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In this paper the empirical performance of ve di erent models for barrier op-
tion valuation is investigated: the Black-Scholes model, the constant elasticity of
variance model, the Heston stochastic volatility model, the Merton jump-di usion
model, and the in nite activity Variance Gamma model. We use time-series data
from the USD/EUR exchange rate market: standard put and call (plain vanilla)
option prices and a unique set of observed market values of barrier options. The
models are calibrated to plain vanilla option prices, and prediction errors at dif-
ferent horizons for plain vanilla and barrier option values are investigated. For
plain vanilla options, the Heston and Merton models have similar and superior
performance for prediction horizons up to one week. For barrier options, the
continuous-path models (Black-Scholes, constant elasticity of variance, and Hes-
ton) do almost equally well, while both models with jumps (Merton and Variance
Gamma) perform markedly worse.

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This paper gives an overview over some theory and empirical evidence on employee ownership and other forms of employee financial participation and answers the following questions: What is employee ownership and what is the relation to other forms of financial participation? Why is employee ownership widespread in some developed market economies like US and in Italy, France and Spain, while it has a quite rare occurrence in the Scandinavian countries? What are the conditions favouring and what are the barriers for employee ownership? What are the advantages and drawbacks for employee owned companies? The paper also gives a summary of the experience in the Baltics – with reference to the following three country articles – and gives finally some perspectives for the future.

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In CMS, debates on methodology have typically taken second stage to those on epistemology and ontology as the field embraced a plurality of methods. Recent work pushing for CMS to engage more strongly with mainstream theory, however, raises the need for a discussion on how to use methods recognizable to the mainstream in progressive ways. This paper seeks to remedy this lacunae by linking the concept of Critical Performativity (Spicer, Alvesson & Kärreman, 2009) to case study research and shows how case studies informed by Critical Realism (Easton, 2010a) can be generalized to “what could be” (Schofield, 2002). In this way, employing case studies in a progressive fashion may serve as a valuable means for a critically perfomative CMS to achieve greater impact through influence on mainstream theory building, business school education and management practice.

Primarily due to the large gaps in economic and institutional contexts between
the developed and emerging markets, business model innovation (BMI) at the
subsidiary level plays an important role for the success of small and mediumsized
firms (SMEs) from the developed markets operating in the emerging
markets as top-down venture. While some studies claim that the direct
involvement of headquarters (HQ) of SMEs in the activities of their subsidiaries
is essential, surprisingly little is known about how HQ specifically facilitates BMI
at the subsidiary level, especially in the context of top-down venture. Adopting
the method of comparative and longitudinal case study, we tracked the BMI
process of six SMEs from Denmark operating in China. The emergent
framework indicates that entrepreneurial aspiration and flexibility at the HQ level
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Asia Research Centre, CBS, Copenhagen Discussion Paper 2013-42
are two primary facilitators of BMI at the subsidiary level via the mechanisms of
commitment and cooperation. We also found that BMI performance would
influence the two facilitators in a feedback loop. Hence, we can contribute to the
literatures on international entrepreneurship and strategic entrepreneurship by
integrating the two previously separated research streams via their shared
theme of accelerated learning. In particular, this study helps solve the puzzle
concerning fast and successful international venture.

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We argue that formal schooling and wage-work experience are complementary types
of human capital for entrepreneurs. Strong empirical support is found for this hypothesis
as the interaction term between schooling and actual wage-work experience enters
positively and significantly in a Mincer equation, whereas the effect of schooling in the
absence of wage-work experience is insignificant. These results are extremely robust
towards more flexible specifications, including fixed-effects estimations dealing with
unobserved heterogeneity. For wage workers, the interaction term is negligible, confirming
that the complementarity is a distinct characteristic of entrepreneurial human
capital.

Although they have developed very much in isolation from each other, we argue the theory of
entrepreneurship and the economic theory of the firm are closely related, and each has much to
learn from the other. In particular, the notion of entrepreneurship as judgment associated with
Frank Knight and some Austrian school economists aligns naturally with the theory of the firm.
In this perspective, the entrepreneur needs a firm, that is, a set of alienable assets he controls, to
carry out his function. We further show how this notion of judgment adds to the key themes in
the modern theory of the firm (i.e., the existence, boundaries, and internal organization). In our
approach, resource uses are not data, but are created as entrepreneurs envision new ways of
using assets to produce goods. The entrepreneur’s decision problem is aggravated by the fact
that capital assets are heterogeneous. Asset ownership facilitates experimenting
entrepreneurship: Acquiring a bundle of property rights is a low cost means of carrying out
commercial experimentation. In this approach, the existence of the firm may be understood in
terms of limits to the market for judgment relating to novel uses of heterogeneous assets; and the
boundaries of the firm, as well as aspects of internal organization, may be understood as being
responsive to entrepreneurial processes of experimentation.
Key words: Entrepreneurship, heterogeneous assets, judgment, ownership, firm boundaries,
internal organization.
JEL Codes: B53, D23, L2

This working paper is a report from the workshop on Entrepreneurship Development arranged by the Centre for Business and Development Studies at CBS and the Danish Ministry of Foreign Affairs in September 2010. The objective of the workshop was to use the participants’ joint knowledge and experiences to discuss and provide conclusions on what role entrepreneurship development has played and can play to stimulate growth and employment in Africa. Entrepreneurship development is understood as the promotion and development of activities and processes that foster and support productive entrepreneurship in the society. The workshop should provide inputs to how entrepreneurship in Africa can be supported and be used in the development and implementation of the “Growth and Employment” priority of the new Danish strategy for development cooperation. The workshop had twenty participants with long standing insight to the challenges of entrepreneurship development and employment growth in Africa from international organizations, development cooperation partners, universities and private enterprises and organizations. The report contains the key issues discussed at the workshop and ends with conclusions and recommendations.

This paper analyses the importance of entrepreneurs for job creation and wage growth. Relying on unique data that covers all plants, firms and individuals in the Danish private sector, we are able to distil a number of different measures of entrepreneurial plants from the set of new plants, including measures that much more precisely capture the "truly new” or "entrepreneurial” plants than in previous studies. Using these data, we find that while new plants in general account for one third of the gross job creation in the economy, entrepreneurial plants are responsible for between 15% and 25% of this, and thus only account for up to 8% of total gross job creation in the economy. However, entrepreneurial plants seem to generate more additional jobs than other new plants in the years following entry. Finally, the jobs generated by entrepreneurial plants are to a large extent low-wage jobs, as they are not found to contribute to the growth in average wages. However, this insight varies across the different types of entrepreneurial plants.

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Multinational enterprises (MNEs) are expanding their global reach, carrying their products and brands to ever more remote corners of the world. They encounter business environments that vary not only from their country of origin, but also vary greatly amongst each other. Thus foreign investors have to adapt their strategies, most notably their marketing and acquisition strategies, to the local context. In this paper, we outline why globalisation drives MNEs into emerging economies, and we provide conceptual frameworks that may aid investors to adapt their strategies to emerging economy contexts. MNEs have to develop a portfolio of local and/or global brands that matches their competences with local needs. If they aim for market leadership they may pursue a multi-tier strategy, but this needs to be supported by an appropriate foundation of global and local resources. This strategy in particular requires the acquisition of complementary local resources controlled by local firms. However, acquisitions in emerging economies are inhibited by institutional obstacles and weak local firms. Thus, foreign investors may pursue staged, multiple, indirect, or Brownfield acquisitions to build their projected operation. We illustrate our proposed strategies by analysing how one multination enterprise - Carlsberg Breweries - has developed its operations in three very different emerging economies: Poland, Lithuania and Vietnam.